16th May, Luxembourg – Jewel, a Bermuda-based digital asset banking platform that has applied for a combined full-service bank and digital-asset license in Bermuda, seeks to offer a full range of digital asset services to institutional clients including payments, banking, custody and lending. In partnership with digital asset compliance infrastructure provider Tokeny, Jewel will power real time settlement for digital asset institutions via its own bank issued USD stablecoin on the Polygon, the leading blockchain development platform, offering scalable and sustainable Web3 infrastructure.
Longer term, Jewel aims to offer a stablecoin-as-a-service solution to other digital asset and financial institutions B2B, allowing those businesses to provide cheaper, easier and near real time payments with stablecoins issued and redeemable directly at the bank level at Jewel.
As digital transformation flourishes across all industries and aspects of finance, banking, and payments, businesses are demanding payment solutions that are fast, inexpensive and programmable. Conventional payment systems are often fragmented and inefficient, creating a challenge for customers who trade and transact globally 24/7/365.
Jewel was an early driver for the use and acceptance of distributed ledger technology and stablecoins within banks tied to bank deposits. Today, Jewel’s bank direct approach is becoming an intelligent and appropriate risk-based approach that US and other regulators are now touting for the structure of stablecoins and their issuance and administration, as reflected in the Biden Administration’s recent Report on Stablecoins from the US President’s Working Group (stating their opinion that stablecoin should be issued by banks and other regulated deposit-taking institutions). This was then further defined under the Executive Order on Ensuring Responsible Development of Digital Assets. Jewel’s stablecoin, Jewel USD (JUSD) will eliminate the need for reconciliation and enable instant payments and transfers to members of its settlement network, “Jewel Settle”.